ETFs 101: Decoding the Mechanics of ETFs for Bond Investors
Know More. Risk Better. Podcast | Season 10, Episode 15
In this episode of the Know More. Risk Better. podcast, the discussion unpacks the mechanics, growth, and practical use of fixed income ETFs in today’s credit markets. Winnie Cisar is joined by Pat Luby for an ETF 101 conversation covering why ETFs have gained traction, how fund flows and price discovery work, and the roles of liquidity, tax efficiency, and authorized participants. They examine primary versus secondary markets, the expanding ETF universe across credit sectors, and how investors use ETFs for hedging, portfolio construction, and tactical positioning. The episode also explores active versus passive strategies and why ETFs influence bond liquidity and trading behavior. Gain clear, actionable insights to better understand and apply ETFs in fixed income investing.
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Speakers:
Winnie Cisar, Global Head of Strategy, CreditSights:
Winnie leads strategy coverage across credit markets, specializing in high yield, investment grade, leveraged finance, and new issue forecasting with a focus on technical and fundamental market drivers.
Pat Luby, Head of Municipal Strategy, CreditSights:
Pat’s expertise in the Municipals market and industry trends has received acknowledgment from The Bond Buyer, Bloomberg, The Wall Street Journal and Barrons.com, among other financial and trade media.
Timestamps:
00:00 – Introduction
02:04 – Fixed Income ETFs Overview
09:46 – ETF Growth Drivers Costs Liquidity Tax
14:27 – Authorized Participants Role
18:11 – ETF Primary vs Secondary Markets
20:32 – ETF Market Size Landscape
22:20 – Active vs Passive ETFs
24:02 – Using ETFs for Hedging
30:23 – ETF Research & Resources
32:38 – Conclusion & Key Takeaways
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